The E-Commerce Market Is Full Of Smoke And Smoke.

After the pformation of the market structure, the former revolutionaries joined the new battleground.

As the two giants of China's household electrical appliance sales channels, sunning (002024.SZ) and 0493.HK are also competing to expand their e-commerce businesses to enter the booming but competitive online retail market due to the rapid development of the Internet and the growing habit of online shopping habits.

Zhang Jindong, chairman of Suning Appliance, said that e-commerce is a new type of retail industry developing rapidly.

As the latecomer in the field of electronic commerce, Suning Appliance's strong foundation is derived from its strong logistics system support, and the advantage of self built logistics is becoming more and more prominent in the e-commerce market where "the logistics people get the world".

At the end of November, Suning Appliance Anhui Hefei's first third generation of large scale.

This is not an isolated case. The importance of logistics has been recognized by more and more e-commerce enterprises, and a logistics war will be launched in full swing.

In December 12th, as Liu Qiangdong, one of the twelfth CCTV China's economic figures of the year, CEO CEO, when asked about the use of $1 billion 500 million in the first half of the year, said that logistics is a very important part of e-commerce, and it is also a direct contact with e-commerce. The importance of e-commerce is more than 60%, so most of the money is invested in logistics.

Liu Qiangdong revealed on micro-blog that Jingdong mall has improved the formation of a large fleet of trucks with 300 remaining trucks to formally enter the main line and feeder logistics market.

The reason why Jingdong mall has made this move is that the current partners can not meet the needs of the Jingdong shopping malls. Liu Qiangdong therefore expressed the hope that this will solve the problem of remote pportation of the Jingdong mall.

Is self built logistics the only way out for e-commerce enterprises? Nasdaq:AMZN's experience tells Chinese e-commerce enterprises that this is not the only way to break through. There is a huge cooperation space between e-commerce enterprises and logistics real estate enterprises, which can greatly reduce the entry threshold of e-business, and domestic enterprises have not yet fully explored this.

Electronic Commerce?

This is no longer a bubble.

Statistics from iResearch (Ai Rui) show that the number of users of B2C+C2C in China has increased from 55 million in 2007 to 109 million in 2009, and will reach 245 million in 2013, with an average annual growth of 22.4%. The paction volume will increase from 263 billion yuan in 2009 to 12690 billion yuan in 2013, with an average annual growth rate of 48.2%.

In the model, the C2C model grew faster at the beginning of the e-business promotion, but with the increase of consumer's brand awareness, the expansion rate of the B2C market was faster. The paction amount (excluding the third party commodities) will increase from 14 billion 500 million yuan in 2009 to over 200 billion yuan in 2013, the average annual growth rate is 93%, and the growth rate exceeds the C2C market, which makes the market share of the B2C model increase rapidly only 13.3% of the total sales of the net store in 2009, but is expected to grow to 38.3% in 2012 and 56.4% in 2015.

If the sales of third - party goods were taken into account, the sales of B2C were bigger, 31 billion 800 million yuan in 2009, 300 billion yuan in 2012 and 920 billion yuan in 2015.

Market research company Forrester

Research predicts that by 2015, B2C e-commerce sales will increase to $159 billion, three times more than $49 billion in 2010, and the share of e-commerce sales in the next three to five years will also grow to more than double to 5%.

According to the report released by China Electronic Commerce Research Center, China's online market has great potential. By 2010, China has become the second largest market in the world.

Although the online retail market is rising, it accounts for only 3% of the retail market.

The Ministry of Commerce has also put forward the goal. By the end of the 12th Five-Year plan, the scale of China's e-commerce market will be expected to account for 5% of China's GDP.

The era of e-commerce is coming. It is no longer the bubble of the Internet 10 years ago, but a real market that no one dares to overlook.

The core of e-commerce competition is:

Logistics distribution

What is the core competitiveness of the e-business platform? Sun Weimin, vice president of Suning Appliance, said: "suning.com is a shop more than 1000 stores. The platform that suning.com operates is visible to the network. What we can not see is our logistics base. That is to say, the air force depends on the aircraft, and the ability of the fighter to fight depends on the carrier. Our logistics base is our carrier platform."

In January 2011, Suning Appliance announced that its B2C website suning.com was formally launched, and released more than 20% share of China's home appliance online shopping market in 3 years, making the bold words of China's largest 3C home appliances B2C website.

"The lesson of delivering goods is painful."

In order to solve the dilemma of frequent "explosion" in holidays and holidays, the Jingdong mall hit tens of billions of dollars to build its own distribution system. It plans to achieve 7 first-class distribution centers and 25 two level distribution centers by the end of 2011, but these are far from enough.

In addition to Suning Appliance and Jingdong mall, Alibaba (1688.HK) announced at the end of January 2011 that it will invest 10 billion yuan in logistics warehousing.

Alibaba chief executive Ma Yun announced that the goal is that 10 years later, in any place in China, people will be able to deliver goods up to 8 hours if they order online.

In 2010, Deutsche Bank released the report on "China's e-commerce: logistics is king", which describes two major trends in China's B2C market in the next 3-5 years: first, the expansion of several major companies into a comprehensive online shopping center; and two, market integration.

Among the two trends, logistics providers will win the world.

E-commerce has replaced the physical storefront with the virtual network storefront, although it has saved the storefront rent, but has increased the logistics cost.

Taking Dangdang network (NYSE:DANG) as an example, the gross profit rate in the first 9 months of 2010 was 22%, and the total marketing cost, technical cost and general management fee accounted for 9.3% of the total sales. However, the cost of logistics execution accounted for 13% of the total sales, resulting in the company's first three quarter net profit margin of only 1%. In 90s of last century, Mason's logistics execution cost also accounted for 20% of the total cost, and now it dropped to about 10%, still accounting for 8.5% of total sales.

Therefore, the cost of logistics execution has become the largest expenditure of e-commerce enterprises besides the cost of goods sold. The cost of logistics directly determines whether e-commerce enterprises can make profits.

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Data show that Amazon was established from 1995 to 2002 to achieve profitability. During this period, the product catalog's maturity and scale effect contributed 3.5 gross profit margins. The decline in pportation cost contributed 3.5 points of gross profit margin, thereby driving gross profit margin increased by 7 percentage points, while the cost of order execution (mainly Call).

Center operating costs, order management costs, warehousing costs, delivery costs and payment system costs fell from 15% to 10% at the highest time, contributing 5 point profit margins. Therefore, the loss of Amazon mainly came from the decline in logistics costs and payment costs.

At present, the ratio of external pport cost to sales of Amazon has dropped from 13.8% in 1999 to 7.4%, and the cost of order execution has dropped from 8.5% in 2000 to 8.5%. The decline in cost has provided space for promotional activities and promoted the operating profit margin from -30% to 4.4%.

Logistics is not only a bottleneck.

It's also competitive.

Logistics execution capability determines not only the profit space of e-commerce enterprises, but also the background guarantee for the expansion of e-commerce mode. Compared with shopping malls, online shopping provides convenience for home consumption, but for consumers, it must bear the price of "waiting".

Therefore, the length of waiting time determines the attractiveness of online shopping to a large extent, and whether the goods can be delivered in time, accurately and safely becomes the background guarantee for the smooth operation of e-commerce, and thus becomes the marketing tool of enterprises.

In the past 1999-2003 years, Amazon has reorganized the logistics system to reduce the total pportation cost from 13.8% to 9.7%, so that the cost of order execution has dropped from 15% to 9.1% at the highest time. The logistics cost has not only contributed to the profit, but also provided a new space for website promotion.

At the same time, when the logistics cost is falling, the company reduces the freight free threshold. From the initial order of more than $99, the order is free to more than $49. In 2002, it was further reduced to more than $25, and the order was free of charge. In 1999, the freight charged by the company from the customer was equivalent to 105% of the pportation cost, and it was reduced to 68% by 2004.

In 2005, Amazon launched Amazon

Prime member services, that is, 1 years' annual membership fee of $79, can enjoy unlimited shipping service within 2 days, and the next day delivery service at discount prices, Amazon in the 11-12 months of 2005.

The number of members of Prime doubled, and the large number of member purchases increased the gross freight cost of Amazon in the fourth quarter by 20% to 280 million US dollars, and the net pportation cost after excluding freight revenue increased by 17% to 91 million US dollars.

According to Amazon's calculations, in 2005, Amazon

Prime and other free shipping promotions save consumers $475 million in freight costs, which means that Amazon has subsidized $475 million in shipping costs for consumers.

The direct consequence of the subsidy is that the company failed to achieve profit targets in the fourth quarter of 2005 and the stock price fell 10% on the day of the announcement.

At that time, many investors questioned whether Amazon's logistics promotion program was too expensive for investors.

But Amazon still insists on promoting its logistics promotion plan. By September 2010, the freight charged by consumers from Amazon can only cover 48% of gross pportation cost. Accordingly, net pportation cost will rise from zero to about 4% of sales revenue. If not the pportation cost is reduced, the same free shipping service will increase the net pportation cost / sales revenue to 7%. However, the expansion of market share and the expansion of sales scale reduce the fixed cost of order execution, while the development of other businesses will make up for the loss of net logistics cost.

In conclusion, effective control of logistics system has become the core competitiveness of e-commerce enterprises.

But the concentration of domestic logistics industry is low, especially in the field of e-commerce.

Under the pressure of cost, Jingdong mall, which once used the "full free freight" sign to attract customers, had to choose to withdraw the "free lunch".

In November 25th, the Jingdong mall announced that it would charge 5 yuan freight for orders with an amount of less than 39 yuan from today's industry practices. Diamond and double diamond users can continue to enjoy special free shipping.

According to the regulations, the above two kinds of user qualifications need to be accumulated in one year to reach 30 thousand yuan and 100 thousand yuan respectively.

The overall logistics demand of the domestic e-commerce industry is very large. The size of single orders is very small, and the geographical distribution is scattered, so it is difficult to exert economies of scale.

In economics, such demand is called "debris demand".

"Debris demand" has led to "debris supply", that is, the number of logistics (express) enterprises providing products or services is large, small and fierce competition.

The result of "fragmented supply" is usually the intense price war in the whole industry. When the cost is hard to be compressed, the price decline must be at the expense of the decline in service quality. Therefore, 80% complaints about online shopping are presented.

To this end, the state promulgated new regulations in October 2010 to improve the access threshold of the express industry, but the real concentration of the industry under the franchise mode is still very low.

In short, the combination of virtual network sales platform and physical logistics network is facing the bottleneck of low concentration and difficult to play the scale effect.

The longitudinal direction of Jingdong mall

Integrated mode

Faced with the bottleneck of logistics, different e-commerce enterprises have chosen different breakout modes.

Jingdong mall, the top ranked B2C sales company in China, used the vertical integration mode to break through the bottleneck of logistics. In 2009, Jingdong mall acquired $21 million of external investment, of which 70% was used for self built logistics system, including 20 million yuan to establish its own express company. In February 2010, Jingdong mall acquired tiger global fund 150 million dollars investment, plans to produce 50% for warehousing, distribution and after-sales service upgrading; in April 2011, the company also raised 1 billion 500 million US dollars from Russian DST fund, Tiger Fund, WAL-MART and other investors, almost all of them invested in logistics system construction.

At present, Jingdong mall has gradually purchased 1200 mu of land in the whole country to build a logistics and storage platform. Among them, the "Asian first" storage base in Shanghai is about 200 thousand square meters, and the proposed Beijing logistics center has a total investment of 600 million -8 billion yuan, covering 300 thousand square meters, and will become the largest logistics center in Asia.

The company plans to achieve 7 first class distribution centers and 25 two level distribution centers by the end of 2011. In the next 3 years, it plans to invest 5 billion -60 billion yuan to build 20-40 storage centers in the whole country, and expand the national logistics network by 10 billion yuan in 5 years.

Increasingly heavy logistics assets burden: the turnover speed in the past B2C mode is generally 2 times the level, the turnover speed of international large logistics enterprises is 1.4 times the level, and the domestic logistics market is generally less than 1 times, while the logistics and real estate companies in the storage center are only 0.1 times. The result of vertical integration will inevitably be the slow down of turnover speed and the increasing capital demand. When the total amount of 300 million yuan (40 million 700 thousand US dollars) was raised in the 10 years before the listing, the asset turnover rate remained at 2 times, and the Amazon was 2 times. Jingdong mall expects to improve service capabilities and reduce service costs through direct control of logistics links, but the inevitable consequence of this model is the e-commerce industry, which is famous for its light assets.

Suning Appliance has adopted this method besides the Jingdong mall. Sunning adopted a vertically integrated mode in the expansion of the entity store, namely, from the distribution center to the pportation team.

In 2011, Suning's private placement fund raised 5 billion 500 million yuan, of which 3 billion yuan was invested in the logistics system. According to the company's 5 year plan for 60 distribution centers, it needed to invest at least 9 billion yuan.

In addition to the distribution center, Suning also established its own logistics and pportation team. As early as 2005, Suning bought 200 light trucks at a time, announcing its self built logistics system.

In short, the vertical integration mode of self built logistics system will completely change the light asset mode of e-commerce companies. E-commerce companies, known for their high cash turnover, will eventually find that more and more funds are being deposited on fixed assets.

Outstanding

Semi integrated mode

Since its acquisition by Amazon, excellent network has also begun to pay attention to the control and management of the logistics system. Unlike Jingdong mall, Amazon (now renamed Amazon China, hereinafter referred to as "excellent") has adopted a semi integrated mode, namely, self built logistics center and control core area logistics team, and outsourcing non core area logistics.

Excellence is the first domestic e-commerce company to set up a logistics and storage center.

By the end of 2009, excellence has established 7 logistics warehousing centers in Beijing, Suzhou, Guangzhou and Chengdu, with a total construction area of 100 thousand square meters, of which Beijing center has the largest area, reaching 45 thousand square meters, while Suzhou center and Chengdu center are jointly developed by China, and then planned to build 3 centers in 2010.

However, unlike Amazon, facing the domestic "fragmented logistics industry", it has chosen the core area self built distribution system mode.

Outstanding company has its own distribution company "Century Excellent express", Beijing, Shanghai, Guangzhou goods mainly use self delivery mode, two or three line city goods are outsourced to third parties.

In essence, the mode of excellence is still a "heavy asset model".

Dangdang

Light asset model

Unlike Jingdong mall and excellence, Dangdang chose the leasing logistics center and outsourced distribution links.

At present, Dangdang has 10 logistics centers throughout the country, including 2 national logistics centers in Beijing, and 8 other regional logistics centers in the other 5 cities (Shanghai, Guangzhou, Chengdu, Wuhan and Zhengzhou). The total construction area is 180 thousand square meters, and the daily processing capacity is 165 thousand.

Usually, orders are sent to the nearest logistics center directly, and then sent by the logistics center. When there is no logistics center or logistics center nearby, the goods can not be supplied, and it will be redistributed by the headquarters logistics center.

In the pportation and distribution links, Dangdang and 104 domestic third party logistics enterprises establish cooperative relationship, from third party logistics enterprises to Dangdang's logistics center to pick up goods and send them out.

In order to control the quality of service, Dangdang usually receives a certain deposit and checks the goods delivered from the logistics center.

Compared with Jingdong mall and excellent network, Dangdang's mode is a lighter asset logistics mode. The light assets include "financing by suppliers, leasing logistics centers and outsourcing three party logistics", which makes Dangdang only raise 40 million dollars before listing.

Similar to Dangdang, Gome also uses light assets logistics mode.

Since 2002, Gome has gradually replaced the distribution system of direct supply stores with centralized distribution system. At present, the company's distribution center has reached 131, and the distribution center area is 625 thousand square meters. However, its distribution center is mainly rented and self built, so that it can build a logistics network faster than Suning.

In logistics and pportation, Gome also uses the third party logistics company as far as possible, and its own fleet is only used for mass distribution among stores.

There are more than 500 logistics service providers for Gome. Gome selects the third party logistics enterprises through scoring and evaluation system, and checks the quality of service through standard service contracts and distribution centers.

Although the light asset model alleviated the pressure of capital and accelerated the turnover of assets, it required a specialized third party service platform, including efficient third party logistics companies, and third party logistics real estate enterprises that could provide high-quality logistics centers. If the development of "third party" could not keep up, the light asset model might be faced with the threat of declining service quality.

Alibaba

"Cloud logistics" mode

Alibaba and its Taobao network have been involved in e-commerce operation as a trading platform, so neither of them has built their own systematic logistics platform in the past.

But with the expansion of Alibaba and the development of Taobao mall, logistics bottlenecks are becoming increasingly apparent.

In 2010, Ma began a series of actions to integrate logistics platforms.

In fact, as early as 2007, Ma personally invested in PepsiCo logistics with Terry Gou. In March 2010, Alibaba group became a shareholder in Beijing. In April, Alibaba confirmed that the third party logistics was recommended by de Bang logistics and Jiaji Express. September, Alibaba and Taobao began to inspect logistics partners and warehouses in the whole country. Among them, Taobao has established four distribution centers in Beijing, Shanghai, Guangzhou and Shenzhen and Chengdu, and has also established regional distribution centers in 20 other provinces and cities, and has proposed to set up warehouse centers in 52 cities throughout the country within two years.

In 2010, Alibaba also participated in IPO of GIC, a subsidiary of Singapore National Investment Corporation (GIC). It subscribed for 13 million 500 thousand shares and accounted for about 0.3% of the shares.

In addition, in September 22, 2010, the Alibaba held a logistics bidding meeting in Hangzhou, throwing 15 orders of "harsh orders" to the 450 thousand Alibaba "trustworthiness" members to send the souvenirs to the Chinese logistics industry, sending 450 thousand orders in 15 days, sending 30000 orders per day on average, and sending 20 orders per minute.

The gifts should also be sent to the members of the most eastern Jiamusi, the southernmost Sanya, the westest Kashi, the northernmost Greater Khingan Range and Mohe County. Among them, members of Hong Kong, Macao and Taiwan also need to send special solutions.

Even if the 200 couriers are fully responsible for the 450 thousand souvenirs, the shortest is 1 months.

In addition to time, Alibaba also put forward higher requirements. "First, considering the large number of members and wide distribution, and ensuring the arrival of the most northernmost customers in China before the November snowfall season, we hope to receive the souvenirs in mid October. We hope to formally send them in mid October. Second, the courier must send the parcels to the members hand in hand and sign them by myself. Third, the courier must take the responsibility of sending ambassadors to the feelings, and tell the members the blessing of Alibaba:" I thank you on behalf of Alibaba, and hope that we will develop together in the next 10 years. "

Fourth, these souvenirs need to be given a competitive national uniform price. "

Despite the harsh orders and low profit margins, orders were thrown up by domestic logistics giants such as day, Shen Tong, Yuantong, rhyme and EMS on the same day, because who can win the order and become the Alibaba's recommended logistics provider and get the opportunity to cooperate with 450 thousand small and medium-sized enterprises.

Obviously, Ma hopes to cultivate large logistics companies by participating in or signing the contract to improve their overall service quality while establishing their own logistics advantages.

And the reason why Ma Yun valued the urgency of the stars is also the concept of "cloud logistics". The so-called "cloud logistics" is still a kind of franchise mode. That is, at the end of the demand, a large number of customers' shipping information of Alibaba is aggregated and the order information is preliminarily processed. At the end of supply, the scattered delivery capacity of small logistics companies is integrated through the information system, so that small couriers can get customers through the "cloud logistics" platform to visit the stars, and pick up and deliver goods through the platform.

Data show that: through joining the system, star emergency has attracted many private courier companies to join, and its delivery scope has been able to cover more than 2600 cities nationwide.

The above mode of Alibaba can be summarized as the mode of logistics cooperation or information integration mode. It hopes to promote the integration of logistics industry by using the ability of order aggregation.

If this pattern can really be realized, it is obviously a lighter asset model.

But the problem is that "cloud logistics" merely provides a platform for information exchange, which solves the problem of allocation of supply capability, and can not change the fundamental problem of low concentration. To improve the service quality of the industry and reduce the logistics cost, it is still necessary to increase the moderate level of supply and demand at the ends, so as to exert the scale effect.

Mode comparison:

Logistics control and light assets dilemma

To sum up, in the face of the "fragmented logistics industry", e-commerce companies are facing the dilemma of "making their own or outsourcing". Jingdong, suning.com, Amazon and other self built logistics systems have improved their control over logistics links, but will face increasingly heavy asset burden with the expansion of scale. The outsourcing mode of Dangdang and Gome requires the follow-up of the third party logistics enterprises and logistics real estate, while Alibaba mode tries to aggregate the "fragmented logistics industry" through information integration, but it still can not change the industry plight of low concentration and low scale effects.

Which way of e-commerce should we take?

Breakout path: integration of "two nets"

How to break the "debris" bottleneck of e-commerce logistics? Internationally, successful e-commerce enterprises integrate the e-commerce platform and logistics network with the distribution center as the nodal point to control the key links of logistics.

Take Amazon as an example, unlike the deep involvement of domestic enterprises in logistics and pportation, Amazon's distribution links are all outsourced. The United States is outsourcing to the US postal service and UPS, and outsourcing international business such as CEVA and FedEx.

On this basis, Amazon's control of the logistics links is mainly reflected in the large-scale development of distribution centers. By the end of 2010, Amazon's logistics and storage center in the United States had reached 1 million 460 thousand square meters, and there were 960 thousand square meters of logistics storage center overseas. At present, the company is planning to build a large distribution center covering 90 acres (546 acres) in Lexington, USA. Recently, faced with the ambitious ambition of WAL-MART in the field of e-commerce, Amazon plans to build more distribution centers to combat WAL-MART's logistics advantages.

However, unlike the self built mode of domestic e-commerce enterprises, with the help of professional logistics real estate companies such as pro, Amazon's distribution centers all adopt the mode of long term lease after customized development.

In recent years, with the development of Amazon's third party consignment business, its distribution center has provided logistics services for the third party sellers on Amazon's website besides Amazon's own goods delivery and storage turnover service.

Whether it's a personal seller or a small and medium-sized enterprise, they can send their goods to the nearby Amazon logistics center. Amazon charges a storage fee of 0.45 dollars per cubic foot per month (equivalent to 106 yuan per cubic meter per month). After the customer orders, the Amazon Union will replace the third party seller to deal with orders, packaging, shipping, third party distribution and replacement, and charge the order execution fee at the rate of $0.5 per piece or 0.40 US dollars per pound.

At present, the sales of goods from third parties account for 30% of the total sales volume of the Amazon, with 190 active sellers and about 1000000 goods distributed through the Amazon system.

In a word, through the logistics center, Amazon will gather the scattered order needs, then docking with UPS, CEVA and other large logistics enterprises to play the scale effect of the overall distribution.

The scale of the platform also provides space for the application of modern technology, and Amazon chose BNSF in 2006.

Logistics, as an American logistics management solution provider, further optimizes the logistics system and reduces the logistics cost.

The light asset mode does not allow e-commerce enterprises to own distribution centers.

The core of the Amazon model is to use distribution centers to aggregate demand for orders, strengthen the control of key nodes in the logistics process, and promote the integration of virtual sales network and physical logistics network. Therefore, compared with traditional commercial enterprises, e-commerce enterprises rely more on distribution centers.

But on the other hand, as e-commerce enterprises emphasize the scale effect (scale is the precondition for the profitability of e-commerce enterprises), this requires enterprises to lighten their asset burden as far as possible and get rid of the constraint of the fixed assets in the expansion (not only the bondage of stores, but also the constraints of logistics warehousing facilities), so as to realize the rapid expansion of light assets.

Therefore, in the long run, the development mode of e-commerce enterprises does not support its large-scale self built distribution center. Investors in the capital market will not allow it to slow down the pace of expansion under the constraint of assets. For this reason, Amazon has chosen the mode of leasing and distribution centers, and China's e-commerce enterprises will also embark on this path -- e-commerce enterprises and logistics real estate enterprises are natural partners.

E-commerce and logistics real estate docking: 10 billion investment is not the threshold

But domestic enterprises have not fully explored the cooperation space between e-commerce and logistics real estate.

Jingdong mall plans to build a national logistics network with billions of investment, which is seen as setting up barriers to entry for the e-commerce industry. It means that enterprises without billions of investment strength do not enter, because only one distribution center can not afford to fail.

But is billions of investment really a threshold? There is a professional logistics real estate company, which is not the threshold.

Amazon has developed millions of square meters of distribution centers in the form of long-term lease after customized development. In China, excellence has duplicated this model.

In 2006, Suzhou logistics park, which has been stationed in the China Logistics Park, has leased two logistics facilities with a total area of 22000 square meters as its East China distribution center. In July 2008, the excellent Beijing operation center moved to the Tongzhou logistics park, expanding its area to 45 thousand square meters. In November 2009, excellence entered the logistics park in Chengdu, leased 18000 square meters of logistics facilities as its western distribution center, and entered the Shenyang logistics park in August 2010.

Through the above cooperation, e-commerce enterprises and logistics real estate enterprises achieve a win-win situation: the rent and expansion demand of e-commerce enterprises provide rental income and growth momentum for logistics real estate enterprises; and the participation of logistics real estate enterprises also reduces the investment threshold in the field of e-commerce, and realizes the rapid development of enterprises' light assets.

Therefore, with the help of logistics real estate enterprises, Jingdong mall is not beyond the limit. The e-commerce platform with sales volume of 1 billion yuan has the potential of catching up and surpassing.

Cooperation space between e-commerce and logistics real estate

The major e-commerce companies have established their own logistics and warehousing centers. The distribution centers already built and under construction can basically meet the current business needs. However, as the e-commerce industry is in the stage of rapid growth, the overall growth rate of the industry is expected to reach 48%, B2C will reach 93%, and the growth of leading enterprises will be faster.

Therefore, there is a great demand for logistics for new businesses. In particular, B2C product line expansion and third party agents will revolutionize existing logistics facilities.

At present, Amazon sells 30% of its products to third party sellers, and the number of active third party sellers has reached 1 million 900 thousand, and plans to expand the third party agent products in the next few years.

In China, Dangdang introduced third party brands in July 2009. Only 460 thousand of the 460 thousand non media products currently sold are direct selling, and the other 410 thousand are the third party brands. Mcglaughlin, the Nasdaq:MCOX of Internet sales, currently has 30% sales revenue from the third party brand. In the first half of 2009, 159 new third party brand agents were launched, and 160 160 brands were launched in the second half of the year.

When the B2C mode starts to represent third party products, the biggest difference between it and the C2C mode is whether it can control the quality of the delivered goods through logistics links. Therefore, it is important to use the convenient logistics facilities to attract the third party sellers to use the order execution service of the e-commerce platform.

In short, whether it is the expansion of product catalog or the expansion of agent third party brand, for e-commerce enterprises, it is not only a huge growth space, but also a higher logistics cost and logistics challenge. For this new business space, adding logistics real estate "auxiliary line" will help e-commerce enterprises solve the problem of logistics bottleneck: e-commerce enterprises have built a virtual network sales platform, but if the network wants to "landing", it must integrate an entity distribution center network, the virtual network aggregated the demand for mass orders, while the physical network converged the physical goods in each regional center through the decomposition of the logistics radius, so as to facilitate the supply of orders. Therefore, in the business mode, the integration of the two networks can achieve scale effect.

But in the financial mode, the virtual network has typical characteristics of light assets and significant scale effect, attracting investors with high growth. In order to get rid of the asset constraints in the expansion process, e-commerce enterprises need the support of assets of logistics real estate enterprises, and they are natural partners.

The physical logistics network has a typical heavy asset characteristics. With the help of the fund mode, investors can be attracted by stable income. The separation of the two networks can give full play to their respective advantages, which requires the development of China's logistics real estate enterprises and financial innovation.